BVFL 8-K

BV Financial, Inc. (BVFL)

8-K 2025-01-28 For: 2025-01-27

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Added on April 08, 2026


Maryland	001-36094	14-1920944
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

7114 North Point Blvd.
Baltimore, Maryland		21219
(Address of Principal Executive Offices)		(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	BVFL	The Nasdaq Stock Market LLC


			BV FINANCIAL, INC.

Date:	January 28, 2025	By:	/s/ Michael J. Dee
			Michael J. Dee Chief Financial Officer


BV FINANCIAL, INC.
Consolidated Financial Ratios

	At or For the Three Months						At or For the Year
	Ended December 31,						Ended December 31,
	2024			2023			2024			2023

Performance Ratios(1):
Return on average assets		0.88	%		1.34	%		1.32	%		1.54	%
Return on average equity		3.83	%		6.11	%		5.77	%		9.93	%
Interest rate spread(2)		3.59	%		3.64	%		3.50	%		3.74	%
Net interest margin(3)		4.34	%		4.30	%		4.27	%		4.23	%
Non-interest expense to average assets		2.79	%		2.29	%		2.42	%		2.19	%
Efficiency ratio(4)		64.27	%		56.19	%		57.02	%		51.03	%
Average interest-earning assets to average interest-bearing liabilities		154.03	%		153.30	%		154.92	%		142.89	%
Average equity to average assets		22.91	%		21.87	%		22.88	%		15.55	%
Credit Quality Ratios:
Allowance for credit losses as a percentage of total loans		1.15	%		1.21	%		1.15	%		1.21	%
Allowance for credit losses as a percentage of non-performing loans		212.51	%		82.49	%		212.51	%		82.94	%
Net charge-offs (recoveries) to average outstanding loans during the year		-0.04	%		-0.01	%		-0.04	%		-0.07	%
Non-performing loans as a percentage of total loans		0.57	%		1.46	%		0.54	%		1.46	%
Non-performing loans as a percentage of total assets		0.44	%		1.17	%		0.44	%		1.17	%
Total non-performing assets as a percentage of total assets		0.46	%		1.19	%		0.46	%		1.19	%

Other:
Number of offices	13			14			13			14
Number of full-time equivalent employees	111			112			111			112

(1) Performance ratios are annualized.
(2) Represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
(3) Represents net interest income as a percentage of average interest-earning assets.
(4) Represents non-interest expenses divided by the sum of net interest income and non-interest income.


BV FINANCIAL, INC.
Consolidated Balance Sheets

	December 31, 2024			December 31, 2023
(dollars in thousands, except share amounts)	(unaudited)			derived from audited financial statements

Assets
Cash	$	5,842		$	9,260
Interest-bearing deposits in other banks		64,658			64,482
Cash and cash equivalents		70,500			73,742
Equity Investment		391			256
Securities available for sale		37,259			34,781
Securities held to maturity (fair value of $5,175 and $9,212, ACL of $4 and $6)		5,979			10,209
Loans held to maturity		737,760			704,802
Allowance for Credit Losses		(8,522	)		(8,554	)
Net Loans		729,238			696,248
Other real estate owned		159			170
Premises and equipment, net		13,224			14,250
Federal Home Loan Bank of Atlanta stock, at cost		1,366			626
Investment in life insurance		20,058			19,657
Accrued interest receivable		3,161			3,279
Goodwill		14,420			14,420
Intangible assets, net		831			1,012
Deferred tax assets, net		8,899			8,969
Other assets		6,336			7,635
Total assets	$	911,821		$	885,254
Liabilities and Stockholders' Equity
Liabilities
Noninterest-bearing deposits	$	129,724		$	142,030
Interest-bearing deposits		521,767			492,090
Total deposits		651,491			634,120

FHLB borrowings		15,000			—
Subordinated Debentures		34,883			37,251
Other liabilities		14,948			14,818
Total liabilities		716,322			686,189
Stockholders' equity
Preferred stock, $0.01 par value; 1,000,000 shares authorized; none issued or outstanding		—			—
Common stock, $0.01 par value; 45,000,000 shares authorized at December 31, 2024 and December 31, 2023; 10,645,284 shares issued and outstanding as of December 31, 2024 and 11,375,803 shares issued and outstanding as of December 31, 2023		106			114
Paid-in capital		94,679			110,465
Unearned common stock held by employee stock ownership plan		(7,160	)		(7,328	)
Retained earnings		109,495			97,772
Accumulated other comprehensive loss		(1,621	)		(1,958	)
Total stockholders' equity		195,499			199,065
Total liabilities and stockholders' equity	$	911,821		$	885,254


BV FINANCIAL, INC.
Consolidated Statements of Income


(dollars in thousands, except per share amounts)	Three Months Ended December 31,				Year Ended December 31,
Interest Income	2024		2023		2024			2023
Loans, including fees	$	10,522	$	9,878	$	41,003		$	37,742
Investment securities available for sale		354		311		1,319			1,156
Investment securities held to maturity		48		92		314			367
Other interest income		987		1,196		4,046			4,154
Total interest income		11,911		11,477		46,682			43,419
Interest Expense
Interest on deposits		2,432		1,920		9,042			5,614
Interest on FHLB borrowings		2		99		2			1,411
Interest on Subordinated debentures		465		543		2,451			2,165
Total interest expense		2,899		2,562		11,495			9,190
Net interest income		9,012		8,915		35,187			34,229
Provision for (recovery of) credit losses		604		435		(203	)		(45	)
Net interest income after provision for (recovery of) credit losses		8,408		8,480		35,390			34,274
Noninterest Income
Service fees on deposits		123		109		426			413
Fees from debit cards		177		181		706			724
Income from investment in life insurance		111		92		400			641
Gain on sale of fixed assets		-		-		-			188
Gain on sale of foreclosed real estate		-		31		-			709
Other income		233		285		982			1,082
Total noninterest income		644		698		2,514			3,757
Noninterest Expense
Compensation and related benefits		4,291		3,371		14,005			12,257
Occupancy		374		426		1,616			1,604
Data processing		364		339		1,480			1,373
Advertising		7		11		23			43
Professional fees		252		290		1,009			886
Equipment		95		106		396			425
Foreclosed real estate holding costs		0		13		13			186
Amortization of intangible assets		45		45		180			183
FDIC insurance premiums		81		98		326			336
Other expense		697		458		2,450			2,116
Total noninterest expense		6,206		5,157		21,498			19,409
Net income before tax		2,846		4,021		16,406			18,622
Income tax expense		895		1,012		4,683			4,915
Net income	$	1,951	$	3,009	$	11,723		$	13,707
Basic earnings per share	$	0.18	$	0.28	$	1.10		$	1.47
Diluted earnings per share	$	0.18	$	0.28	$	1.10		$	1.47


BV FINANCIAL, INC.
Average Balance Sheet for the Three Months ended December 31,
(Dollars in thousands)

	For the Three Months Ended December 31,
	2024								2023
(dollars in thousands)	Average Outstanding Balance			Interest		Average Yield/Rate			Average Outstanding Balance			Interest		Average Yield/Rate
	(Unaudited)
Interest-earning assets:
Loans	$	709,668		$	10,522		5.88	%	$	693,217		$	9,878		5.65	%
Securities available-for-sale		38,447			354		3.65	%		35,194			311		3.51	%
Securities held-to-maturity		6,668			48		2.86	%		11,193			92		3.26	%
Cash, cash equivalents and other interest-earning assets		68,523			987		5.74	%		82,482			1,196		5.65	%
Total interest-earning assets		823,306			11,911		5.74	%		822,086			11,477		5.54	%
Noninterest-earning assets		68,633								78,694
Total assets	$	891,939							$	900,780

Interest-bearing liabilities:
Interest-bearing demand deposits	$	87,548			196		0.89	%	$	83,014			234		1.12	%
Savings deposits		123,838			73		0.23	%		143,666			61		0.17	%
Money market deposits		117,039			777		2.63	%		88,671			312		1.40	%
Certificates of deposit		171,063			1,386		3.21	%		176,738			1,313		2.95	%
Total interest-bearing deposits		499,488			2,432		1.93	%		492,089			1,920		1.55	%
Federal Home Loan Bank advances		163			2		4.87	%		6,929			99		5.61	%
Subordinated debentures		34,867			465		5.29	%		37,228			543		5.81	%
Total borrowings		35,030			467		5.29	%		44,157			642		5.78	%
Total interest-bearing liabilities		534,518			2,899		2.15	%		536,246			2,562		1.90	%
Noninterest-bearing demand deposits		134,007								144,330
Other noninterest-bearing liabilities		20,471								23,207
Total liabilities		688,996								703,783
Equity		202,943								196,997
Total liabilities and equity	$	891,939							$	900,780
Net interest income				$	9,012							$	8,915
Net interest rate spread							3.59	%							3.64	%
Net interest-earning assets	$	288,788							$	285,840
Net interest margin							4.34	%							4.30	%
Average interest-earning assets to interest-bearing liabilities		154.03	%							153.30	%


BV FINANCIAL, INC.
Average Balance Sheet for the Years ended December 31
(Dollars in thousands)

	For the Year Ended December 31,
	2024								2023
(dollars in thousands)	Average Outstanding Balance			Interest		Average Yield/Rate			Average Outstanding Balance			Interest		Average Yield/Rate
	(Unaudited)
Interest-earning assets:
Loans	$	703,411		$	41,003		5.81	%	$	683,657		$	37,742		5.52	%
Securities available-for-sale		35,544			1,319		3.70	%		35,607			1,156		3.25	%
Securities held-to-maturity		9,542			314		3.28	%		12,003			367		3.06	%
Cash, cash equivalents and other interest-earning assets		73,096			4,046		5.53	%		77,865			4,154		5.34	%
Total interest-earning assets		821,593			46,682		5.67	%		809,132			43,419		5.37	%
Noninterest-earning assets		68,865								78,100
Total assets	$	890,458							$	887,232

Interest-bearing liabilities:
Interest-bearing demand deposits	$	84,655			878		1.03	%	$	86,114			614		0.71	%
Savings deposits		134,795			323		0.24	%		154,629			202		0.13	%
Money market deposits		101,831			2,274		2.23	%		91,573			803		0.88	%
Certificates of deposit		173,932			5,567		3.19	%		170,299			3,995		2.35	%
Total interest-bearing deposits		495,213			9,042		1.82	%		502,615			5,614		1.12	%
Federal Home Loan Bank advances		41			2		4.86	%		26,503			1,411		5.32	%
Subordinated debentures		35,071			2,451		6.97	%		37,149			2,165		5.83	%
Total borrowings		35,112			2,453		6.97	%		63,652			3,576		5.62	%
Total interest-bearing liabilities		530,325			11,495		2.16	%		566,267			9,190		1.62	%
Noninterest-bearing demand deposits		137,935								149,630
Other noninterest-bearing liabilities		19,074								33,363
Total liabilities		687,334								749,260
Equity		203,124								137,972
Total liabilities and equity	$	890,458							$	887,232
Net interest income				$	35,187							$	34,229
Net interest rate spread							3.50	%							3.74	%
Net interest-earning assets	$	291,268							$	242,865
Net interest margin							4.27	%							4.23	%
Average interest-earning assets to interest-bearing liabilities		154.92	%							142.89	%


ALLOWANCE FOR CREDIT LOSS - LOANS
(Dollars in thousands)
	QTR			YTD
	12/31/2024			12/31/2024

Beginning Balance	$	8,001		$	8,554

Provision for credit losses -loans		490			(347	)

Net Charge-offs (recoveries):
Owner Occupied 1-4		(3	)		(115	)
Non-Owner Occupied 1-4		(27	)		(195	)
Investor Commercial Real Estate		—			—
OO Commercial Real Estate		—			(3	)
Construction & Land		(1	)		(4	)
Farm Loans		—			—
Marine & Consumer		—			2
Guaranteed by the US Gov't		—			—
Commercial		—			—
Net charge-offs (recoveries)		(31	)		(315	)

Ending Balance- ACL for Loans	$	8,522		$	8,522

Balance Reserve for unfunded loan commitments		353			353
Balance Reserve for HTM Securities		4			4
Total ACL	$	8,879		$	8,879

Provision expense for Unfunded Commitments		115			146
Provision expense for HTM Securities		(1	)		(2	)
Total other provision expense	$	114		$	144
Total provision for (recovery of ) credit losses	$	604		$	(203	)


RECONCILIATION TABLE (UNAUDITED)
NON-GAAP ADJUSTED NET INCOME

Non-GAAP Reconciliation
In addition to results presented in accordance with generally accepted accounting principles utilized in the Unites States ("GAAP"), this earnings release contains a non-GAAP financial measure, Non-GAAP adjusted net income. The Company believes this non-GAAP financial measure is useful for both investors and management to understand the effects of certain items and provide an alternative view of its performance over time. Non-GAAP measures have inherent limitations, are not required to be uniformly applied and are not audited. They should not be considered in isolation or as a substitute for total stockholders' equity or operating results determined in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.





	Three Months ended December 31,				Year ended December 31,
	2024		2023		2024			2023

Net Income (GAAP)	$	1,951	$	3,009	$	11,723		$	13,707
Plus(minus) tax adjusted items:
Legal Expense recovery from problem loan		-		-		78			-
Write-off of FMV adjustment on pay-off of acquired junior subordinated debt		-		-		(404	)		-
Loan Prepayment Penalty		-		-		194			-
Death benefit from bank owned life insurance		-		-		-			173
Gain on sale of foreclosed real estate		-		-		-			499
Gain on sale of branch building		-		-		-			138
Tax Adjusted items		-		-		(132	)		810

2024 Equity Plan Expenses - tax adjusted		792		-		1,101			-

Non GAAP adjusted net income	$	2,743	$	3,009	$	12,956		$	12,897